The CA’s role in a changing corporate world.

The Covid-19 pandemic has changed the way businesses operate and the types of skills and professions that are needed in the future. With so much change and sometimes uncertainty, one could ask: is there still a demand for professions such as chartered accountants?

What does it mean to be a Chartered Accountant?

Also known as a CA(SA), a chartered accountant is a top-level qualification. CAs are business professionals with financial expertise, but also wide-ranging business insight. They have a thorough understanding of complex financial and operational models and can offer strategic direction for businesses and organisations. A qualified CA can enter into almost any industry or business field, from auditing and assurance to risk management or corporate governance.

The road to becoming a CA

The CA(SA) journey takes perseverance and determination! A minimum of seven years is required to complete the qualification and those who attempt it need not only talent but also commitment to reach their goal. Qualifying as a Chartered Accountant (SA) usually takes at least 3 years for the university degree, 1 year for the postgraduate Honours and 3 years for the internship followed by the board exams. This means that studying to become a chartered accountant is challenging, but the rewards are definitely worth the sacrifice. Also, as a client of a qualified CA, you can always know you are dealing with a highly educated and skilled professional.

Why are Chartered Accountants necessary in a business?

Most are aware that chartered accountants do more than just traditional bookkeeping, but might not be aware of just how important and extensive the role of CAs(SA) is in the business world. Chartered accountants are often found at senior management level and in the boardrooms of many larger South African companies.

Here are 5 reasons why CAs can offer such valuable input:

• • Financial expertise
    Empowered by their extensive qualifications and expertise, chartered accountants are very knowledgeable in all financial matters and understand the various sophisticated accounting and financial models. This makes them invaluable contributors in any business as they become a critical part of financial management.

 

• • Strategic insight
    A good chartered accountant understands that wise financial decisions need to be backed by well-researched data and in-depth analysis. This analytical and critical thinking allows them to offer essential advice for strategic future planning.

 

• • Forecasting accuracy
    Any company would like to prepare well for the future, but it can be challenging to do this effectively. A CA has the skills to take multiple factors into account when planning and forecasting for a business. In many cases, they can also identify changes that would immediately improve the financial position of a company, save costs and improve cash flow.

 

• • Flexibility
    A CA is trained to be easily adaptable to various environments and changing requirements. Chartered accountants are accustomed to change and new challenges in their line of work, enabling them to adjust to the post-pandemic business landscape.

 

• • A Scarce Skill
    Chartered accountancy is listed on the scarce skills list of South Africa. Their ability to support corporate decision-making through analytical and data-driven insights is rare and they are able to give advice based on facts to allow businesses to adapt and be profitable.

 

Is There Still a Demand for Chartered Accountants in South Africa?

Based on the points above chartered accountants continue to play an important role in the country. Opportunities for CAs will always be available in various industries, even if it means adapting and learning new skills and systems over time. There is an exceptionally high demand for the unique CA skillset in South Africa, but not enough qualified individuals. It seems that whatever the future will hold, a CA(SA)s will continue to contribute to the success of a business.

Need a CA on your team to help your business thrive?

Our staff of experienced CAs at Exceed are standing by to help your company prosper and prepare for the future. Feel free to contact us if you would like to ensure that your company’s financial matters and future planning are in safe and qualified hands.